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Commonwealth Bank credit card balance transfer guide

Looking to move your existing debt onto a Commonwealth Bank credit card? Here’s what you need to know.

If you have debt on an Australian store or credit card held with another issuer, you can request a balance transfer to a Commonwealth Bank credit card. This gives you a way to consolidate your debt and could help you save on rates and fees as you pay it off. Depending on the CommBank credit card, you may also get a low introductory interest rate before standard costs apply.

Use this guide to learn how a balance transfer with CommBank works, the potential benefits and the key factors to consider so that you can decide if this option is right for you.

Comparison of Commonwealth balance transfer credit cards

Rates last updated October 21st, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
Commonwealth Bank Low Rate Credit Card
5.99% p.a. for 5 months
13.24% p.a.
$59 p.a.
Get a low ongoing 13.24% p.a. purchase rate, a 5 month balance transfer offer and up to 55 days interest-free on purchases.
Commonwealth Bank Low Fee Credit Card
5.99% p.a. for 5 months
19.74% p.a.
$0 p.a. annual fee for the first year ($29 p.a. thereafter)
Receive up to 55 days interest free on purchases and a continued annual fee waiver if you spend at least $1,000 in the previous year.
Commonwealth Bank Low Fee Gold Credit Card
5.99% p.a. for 5 months
19.74% p.a.
$0 p.a. annual fee for the first year ($89 p.a. thereafter)
Enjoy up to 55 interest-free days on purchases, included insurances and an ongoing annual fee waiver when you meet the spend requirement.
Commonwealth Bank Awards Credit Card
5.99% p.a. for 5 months
20.24% p.a.
$59 p.a.
Earn 1 Awards point per $1 on everyday spend, up to 50,000 points per year. Plus, up to 55 days interest-free on purchases.
Commonwealth Bank Low Rate Gold Credit Card
5.99% p.a. for 5 months
13.24% p.a.
$89 p.a.
Get a low ongoing 13.24% p.a. purchase rate, a 5 month balance transfer offer and up to 55 days interest-free on purchases.
Commonwealth Bank Platinum Awards Credit Card
5.99% p.a. for 5 months
20.24% p.a.
$249 p.a.
Earn 1 Awards point per $1 on everyday spend, up to 150,000 points per year. Plus, included travel insurance and a 24/7 concierge.
Commonwealth Bank Diamond Awards Credit Card
5.99% p.a. for 5 months
20.24% p.a.
$349 p.a.
Earn 1.25 Awards points per $1 spent up to 1,000,000 points per year, plus complimentary international travel insurance.
Commonwealth Bank Business Low Rate Credit Card
5.99% p.a. for 5 months
14.55% p.a.
$0 p.a.
Save on your business credit card costs with an ongoing $0 annual fee, and a low 14.55% p.a. interest rate on purchases.
Commonwealth Bank Business Interest-Free Days Credit Card
5.99% p.a. for 5 months
17.57% p.a.
$60 p.a.
Receive up to 55 interest-free days on purchases and integrate your online accounting software with your credit card transactions.
Commonwealth Bank Business Awards Credit Card
5.99% p.a. for 5 months
20.74% p.a.
$100 p.a.
Earn 1 Awards point per $1 spent, easily integrate your online accounting software, plus receive complimentary Transit Accident Insurance.
Commonwealth Bank Business Awards Platinum Credit Card
5.99% p.a. for 5 months
20.74% p.a.
$300 p.a.
Earn 1 Awards point per $1 spent, and receive complimentary travel, transit accident and unauthorised transaction insurances.

Compare up to 4 providers

Rates last updated October 21st, 2018
$
% p.a.

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Name Product Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Amount Saved Product Description
St.George Vertigo Platinum
0% p.a. for 26 months with 2% balance transfer fee
12.74% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.
NAB Low Fee Platinum Card - Exclusive Offer
0% p.a. for 25 months
19.74% p.a.
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
Citi Rewards Platinum Credit Card - Online Offer
0% p.a. for 24 months with 1.5% balance transfer fee
20.99% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
ANZ Low Rate
0% p.a. for 15 months
12.49% p.a.
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Westpac Low Rate Card
0% p.a. for 24 months with 1% balance transfer fee
13.49% p.a.
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Citi Clear Platinum Credit Card
0% p.a. for 14 months
12.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
St.George Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Get 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
Citi Simplicity Card
0% p.a. for 6 months
19.99% p.a.
$0 p.a.
Get 0% p.a. interest for up to 6 months on balance transfers with no BT fee. Plus, a $0 annual fee for life.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus points in the first 3 months with a $64 first year annual fee. Plus, the chance to win 1 million Velocity Points.
ANZ First Visa Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Get up to 18 months interest-free on balance transfers and save with a low $30 annual fee. Plus, up to 44 days interest-free on purchases.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
NAB Low Fee Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$30 p.a.
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Qantas Premier Platinum
0% p.a. for 15 months
19.99% p.a.
$299 p.a.
Get 60,000 bonus Qantas points and a $300 Qantas Flight Voucher when you spend $4,000 in 90 days. Plus, complimentary lounge passes.
Bank of Melbourne Vertigo Classic
0% p.a. for 16 months
13.74% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 16 months on balance transfers with no BT fee. Plus, a competitively low annual fee and purchase rate.
CUA Low Rate Credit Card
0% p.a. for 13 months
11.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 13 months, $0 first year annual fee, and a low ongoing 11.99% p.a. interest rate on purchases.
HSBC Platinum Credit Card
0% p.a. for 22 months with 2% balance transfer fee
19.99% p.a.
$129 p.a.
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
Bankwest Breeze Classic Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$79 p.a.
Receive purchase and balance transfer offers of 0% p.a. for 13 months, a low ongoing rate and up to 55 interest-free days on purchases.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with $64 first year annual fee and 0% p.a. balance transfer offer. Plus, the chance to earn 1 million Velocity Points. Ends 31 Oct 2018.
Bankwest Breeze Platinum Mastercard
0% p.a. for 13 months with 2% balance transfer fee
0% p.a. for 13 months (reverts to 12.99% p.a.)
$99 p.a.
Receive a 0% p.a. interest rate on purchases and balance transfers for 13 months, complimentary travel insurance and 0% foreign transaction fees.
ANZ Platinum Credit Card
0% p.a. for 18 months with 2% balance transfer fee
19.74% p.a.
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Receive a 0% p.a. for 18 month balance transfer offer and a $0 first year annual fee. Plus, complimentary overseas travel and medical insurance.

Compare up to 4 providers

What you'll find in this guide

What are the benefits of getting a balance transfer with Commonwealth Bank?

Some of the benefits you could get from a Commonwealth Bank balance transfer include the following:

  • Save on interest. If you're paying a lot of interest on your current card debt (or debts), moving it to a CommBank card with an introductory balance transfer rate will help you save on costs for a set period of time.
  • Consolidate debts. Moving debts from several accounts onto a CommBank credit card means you’ll only have to manage one account. This can also help reduce the rates and fees that come from juggling different cards.
  • Pay off debt faster. Saving on interest charges and other fees means that more of your repayment value will go towards your actual debt. As a result, you could pay it off faster than you would have without the balance transfer. You can also use this payoff calculator to make the most of any promotional interest rate offer and work out how long it will take to get your balance to $0.

Are there any risks to getting a balance transfer with Commonwealth Bank?

As with any balance transfer, one with CommBank comes with some potential pitfalls, including the following:

  • High standard variable rates. Once the introductory balance transfer period ends, any remaining debt from the transfer will be charged interest at the standard variable cash advance rate. This could add to your balance and make it harder to pay off the debt.
  • Temptation to spend. Any new spending you do with your card will add to your balance. New purchases will also attract your card’s purchase rate from the date they are made, which will add even more to what you already owe.
  • Impact on your credit score. As with any new card application, requesting a balance transfer could hurt your credit score by adding a new enquiry to your credit history. Make sure you consider this – as well as other ways your credit score could be affected – before you apply for a balance transfer.

What rates and features should I look at when choosing an offer?

  • The balance transfer rate and how long it applies. This is the interest rate that applies when your balance is first transferred. If it’s a lower, promotional rate, it will only last for a set amount of time.
  • The revert rate when the introductory period expires. At the end of the initial balance transfer period, any debt you have left from the transfer will be charged interest at the standard variable cash advance rate.
  • The annual fee. If your CommBank credit card has an annual fee, it will be charged when you first open the account and then each year on that anniversary. Make sure you factor this cost into your repayments so that you have a clearer idea of how long it will take to clear your balance.
  • Eligible debts. CommBank accepts balance transfer requests for personal debts held on existing Australian credit cards or store cards held with another bank or issuer. Keep in mind that any balance transfer requests will be subject to CommBank’s lending criteria and approval.
  • Balance transfer limits. A minimum balance transfer amount of $500 applies, and you won’t be able to transfer any amount that is higher than your credit limit. The total amount of your balance transfer is also subject to approval.

Other details to keep in mind

  • How long the balance transfer takes. Your balance transfer request will be processed in 5-10 working days. Even if you’re approved, you’ll need to continue making any payments that are due on your existing account until the balance transfer is completed.
  • Minimum repayments. Once your balance transfer has been processed, you’ll need to pay at least the minimum amount listed on each statement by the due date. If you want to make the most of any introductory balance transfer rate offered by CommBank, aim to pay a higher amount than this each month.
  • No interest-free days. Any interest-free period offered for new purchases won’t apply when you carry a balance transfer debt. This means you’ll be charged interest from the date of the purchase, which will add to your balance.
  • Closing your old account. After the balance transfer has been processed and the debt is on your CommBank card, you can follow these steps to close your old account or accounts. This will help you avoid further charges and removes any temptation to spend more on your old cards.
  • Partial balance transfer. If you don’t get approved for enough credit to move your entire balance, CommBank may transfer an amount that’s worth up to your available credit limit.
  • Reward points. If you have a CommBank credit card that offers rewards, keep in mind that you won’t earn points on your balance transfer.
  • Payment allocation. Your repayments automatically go towards the part of your balance that attracts the highest interest rate first. So, if you make new purchases when a low balance transfer rate applies, this means your purchase balance will be paid off before any remaining money is put towards your balance transfer debt.

What if I already have a Commonwealth Bank credit card? Can existing customers still get a balance transfer?

If you already have a CommBank credit card, you can request a balance transfer through NetBank, by calling 13 22 21 or by filling out the credit card balance transfer form available on the CommBank website. Note that balance transfer requests are only eligible for personal debt you hold on an Australian credit card or store card that’s issued by a different bank or provider (not CommBank).

If you have debt on a Commonwealth Bank credit card, you can compare other balance transfer offers to find a new card that works for you.
Images: Shutterstock

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Amy Bradney-George

Amy is a senior writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

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12 Responses

  1. Default Gravatar
    JanetMarch 7, 2015

    Jonathon my question was – what is the rate of interest charge on a balance transfer to my existing Commonwealth credit card. It is usually around 5% – what is it at the moment. I am not asking about a new card.

    Thanks,

    Janet

    • finder Customer Care
      JonathanMarch 9, 2015Staff

      Hi Janet, thanks for your response.

      To allow me to assist you further may I ask which Commonwealth Credit Card you are using? You can also contact CBA directly to inquire about your current account.

      Cheers,

      Jonathan

  2. Default Gravatar
    JanetMarch 6, 2015

    What is the interest rate to transfer a balance from another credit card to your Commonwealth card.

    • finder Customer Care
      JonathanMarch 6, 2015Staff

      Hi Janet, thanks for your inquiry!

      The balance transfer rate depends on the specific credit card you are applying for. We have provided the balance transfer rates in the comparison table available on this page.

      Cheers,

      Jonathan

  3. Default Gravatar
    MCBFebruary 1, 2015

    I’ve had my Commonwealth credit card since September 2011. To date, I have an available balance of $22,172.52 (credit limit is $22,500). I am avoiding interest charges as it is very high, 19.74% p.a.
    Six (6) months ago, I took a 12-month 0% balance transfer from ANZ to pay off my debts. I’ve been paying a lot more than the required repayments. ANZ must’ve recognized that and just this January, offered me to use my credit with them to take another balance transfer to any credit card I’d like to pay off at 0% interest for 18 months. I find that very useful.
    The best offer I get from CBA is a personal loan for 13.90%.
    Can CBA offer me what I have been offered by ANZ or any offer close to what ANZ is offering? I wish CBA would.

    • finder Customer Care
      JonathanFebruary 3, 2015Staff

      Hi MCB, thanks for your inquiry!

      In terms of matching a competitive offer the best approach would be to contact the bank directly.

      I hope this helps!

      Cheers,

      Jonathan

  4. Default Gravatar
    JarredNovember 27, 2014

    I currently have two bank accounts one with st george and one with commonwealth. Looking to balance transfer from st george to commonwealth is that possible ?

    • finder Customer Care
      ElizabethNovember 27, 2014Staff

      Hi Jarred,

      Thanks for your question.

      Yes, this is possible. You can apply for a balance transfer directly through Netbank, by calling Commonwealth Bank or by filling out the downloadable balance transfer form.

      I hope this has helped.

      Thanks,

      Elizabeth

  5. Default Gravatar
    LyleMarch 3, 2014

    I am a current Commonwealth Bank credit card holder. Can I transfer balances from my other cards to the Commonwealth Bank card? What is the interest rate? Other banks are offering zero percent for 12 months.
    Regards,
    Lyle.

    • finder Customer Care
      JacobMarch 3, 2014Staff

      Hi, Lyle.

      Thanks for your question.

      If you’re looking to transfer a balance to an existing credit card account, you will need to contact your financial provider directly. Banks and lenders do make balance transfer offers available to their existing customers from time to time, however, generally speaking, the really competitive offers are reserved for new customers. To be eligible for a balance transfer, you must transfer from a from a non-Commonwealth bank credit card, store card or charge card.

      You can compare balance transfer credit cards on this page.

      I hope this helps. Please let us know if you have any further questions.

  6. Default Gravatar
    IascJuly 9, 2013

    My credit balance is $14570. I want to get this and transfer this money. I want to know how much I have to pay for monthly and after 5 months, how much will I have to pay? I have no idea.
    Thanks.

    • finder Customer Care
      JacobJuly 10, 2013Staff

      Hi Iasc. Thanks for your question. Have a look at this page for information on what interest rate you will get charged after the balance transfer promotional period. Please check the table at the top of the card’s review page for information on the minimum monthly repayment. You must pay a certain percentage of balance each month to stop your account from going into arrears. I hope this has helped. Email us again if you need more information on repayments. Jacob.

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